Draft agreements on a new Development Bank and a pool of BRICS currency reserves have been approved by the Russian government on Tuesday, reports TASS. The documents are to be signed on July 15,16 during the 6th BRICS (Brazil, Russia, India, China and South Africa) summit that Russian President Vladimir Putin plans to take part in.
The BRICS currency reserve pool agreement envisages “the establishment of the mechanism of eliminating current and short-term problems in the balances of payments of the BRICS member states - Brazil, India, China, Russia and South Africa.”
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The Agreement on establishing a new BRICS Development Bank was also approved of by the Russian government, with the document stipulating “the creation of a multilateral financial institution".
The Development Bank aims to “finance infrastructure projects and sustainable development undertakings in the BRICS member states and developing countries.”
